Indonesian online lending major Julo has amassed over 2 million users as of October last year, the company previously told Tech in Asia. However, lending is not the only vertical in which the company is present.

Julo has also launched services like its virtual credit card Julo Turbo – powered by its behavioral data-backed credit underwriting system – as well as insurance offerings. Now, the company said it would soon “evolve” into a neobank and is planning to build new solutions.

While the company did not mention any specifics on its future products, Julo focuses on the middle-market segment in Indonesia, which it says carries roughly a US$100 billion opportunity.

In a statement announcing its neobanking ambitions, the company also said that its loans issued grew 87.19% year on year in the first four months of 2024, reaching over US$189 million. It expects to issue more than US$650 million this year.

This follows the US$1 billion in loans Julo has given out since starting in 2016, including nearly US$500 million in 2023 alone, which in itself was a 50% spike from the previous year.

The firm’s user base also grew by 58% in 2023, surpassing 2 million. Backed by AC Ventures, Julo said it is profitable on a before-tax basis and aims to turn fully profitable by the end of the year.

Julo’s president, Ankur Mehrotra, says there’s a constant demand for responsible, financially inclusive services in Indonesia, something the company aims to provide.

(Techinasia)